iHeartMedia, Inc.

iHeartMedia Successfully Completes Restructuring Process

America’s Number One Audio Company Formally Concludes Comprehensive Balance Sheet Restructuring, Significantly Reducing Debt from $16.1 billion to $5.75 billion

Completes Separation of Clear Channel Outdoor Holdings, Inc., Creating Two Independent Publicly-Traded Companies

NEW YORK – May 1, 2019 – iHeartMedia, Inc. (“iHeartMedia”), America’s number one audio company, today announced that the Company has successfully completed its restructuring process.

As a result of the comprehensive balance sheet restructuring, iHeartMedia’s debt has been significantly reduced – from $16.1 billion to $5.75 billion.

In addition, in conjunction with completion of the restructuring, and in accordance with its Plan of Reorganization (the “Plan”), iHeartMedia and Clear Channel Outdoor Holdings, Inc. (“CCOH”) have fully separated, creating two independent publicly-traded companies. Clear Channel Outdoor Holdings, Inc. shares will continue to be traded on the New York Stock Exchange under the ticker symbol “CCO.”

“We are pleased that iHeartMedia now has a capital structure that matches our exciting operating business. The focused dedication of our employees and the unwavering support of our new owners and advertising partners enabled iHeartMedia to seamlessly complete the restructuring process and reach this final milestone,” said Bob Pittman, Chairman and Chief Executive Officer of iHeartMedia, Inc. “iHeartMedia enters this next phase of growth as a multi-platform audio company with a vastly improved financial profile. We are well-positioned to continue to innovate and offer cutting-edge technologies, products and services to our audiences and advertisers.”

Pittman continued: “As the only major multi-platform audio company, iHeartMedia’s reach extends across more than 250 platforms and 2,000 different connected devices, from smart speakers to tablets, wearables, gaming consoles and much more. Over the past year, we have further cemented our position as the number one commercial podcaster globally – by a strong margin – through building new capabilities and content, including the ‘Ron Burgundy Podcast,’ season two of the true crime podcast ‘Atlanta Monster’ and many more, including ‘Stuff You Should Know,’ the first podcast ever to surpass one billion downloads. We continued to invest in key areas of the business with the acquisitions of Stuff Media, LLC – which further solidified our leading podcasting position – as well as technology companies like Jelli, Inc., which is the advertising technology platform that brings to life our SmartAudio data and analytics offerings. We continue to technologically transform our offerings for both consumers, with whom we are interacting more broadly across platforms, and advertisers, to whom we are offering data and analytics solutions previously available only from key digital players. In addition, we have continued to host our renowned and highly-anticipated live events, from the iHeartRadio Music Awards to iHeartRadio ALTer Ego. This is a very exciting time for audio, and iHeartMedia will continue to break new ground and unlock new opportunities across all platforms to reach audiences everywhere.”

As previously announced, pursuant to the Plan, Bob Pittman continues to serve as Chairman and Chief Executive Officer of iHeartMedia, Inc., and Rich Bressler continues to serve as President, Chief Operating Officer and Chief Financial Officer of iHeartMedia, Inc. In addition, a new Board of Directors has been appointed, including Bob Pittman, Rich Bressler, and the following members: Jay Rasulo, Gary Barber, Brad Gerstner, Sean Mahoney and Kamakshi Sivaramakrishnan. Upon iHeartMedia’s emergence, the new Board of Directors has assumed its responsibilities.

Kirkland & Ellis LLP served as legal counsel to iHeartMedia, Moelis & Company served as the Company’s investment banker, and Alvarez & Marsal served as the Company’s financial advisor.

About iHeartMedia, Inc.

iHeartMedia, Inc. is the number one audio company in America. The company’s leadership position in audio extends across multiple platforms including 848 live broadcast stations; its iHeartRadio service available across more than 250 platforms and 2,000 devices including smart speakers, smartphones, TVs and gaming consoles; through its influencers; social; live events; podcasting; and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers.

Forward-Looking Statements

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William Eccleshare to Become Chief Executive Officer of the New Standalone CCOH

San Antonio, TX, [December 21, 2018] – iHeartMedia, Inc. (PINK: IHRTQ) (“iHeartMedia”) and Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (“CCOH”) announced that they have reached an agreement on the material terms to fully separate CCOH’s business from iHeartMedia, which currently owns 89.1% of CCOH’s outstanding common stock.

The separation is expected to occur in conjunction with, and is subject to, iHeartMedia’s emergence from its ongoing restructuring process.  The material terms of the separation are outlined in CCOH’s Form 8-K, which was filed with the Securities and Exchange Commission on Monday, December 17, 2018.

Effective upon iHeartMedia’s emergence, William Eccleshare will become Chief Executive Officer of CCOH. Mr. Eccleshare, who currently serves as Chairman and CEO of Clear Channel International (CCI), has deep experience in creating value for advertisers across the out-of-home industry. He joined CCI in 2009 and went on to lead Clear Channel Outdoor, including full operational responsibility for CCI and Clear Channel Outdoor Americas (CCOA), before assuming his current role, in which he is responsible for overseeing CCI’s business operations in 22 countries across Asia, Europe and Latin America. Mr. Eccleshare will be based in London and will also continue to lead CCI as part of his new role.

Scott Wells will continue to lead CCOA as CEO, driving innovation and a customer-centric focus at the business. He will report to Mr. Eccleshare.

Until the company exits the restructuring process, Bob Pittman and Rich Bressler will continue their current leadership roles for CCOH, with Mr. Pittman as CEO and Mr. Bressler as President and Chief Financial Officer.

Mr. Eccleshare will also be a member of the new Board of Directors of CCOH, which will be announced prior to the separation.

“Today’s announcement is recognition that while iHeartMedia and CCOH are both very strong in their respective areas – iHeartMedia is America’s number one audio company and CCOH is one of the world’s largest outdoor advertising companies – their key constituencies have little strategic overlap. We believe that the separation of the two businesses makes strategic and financial sense, and will allow each company to better achieve their individual missions,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. and current CEO of Clear Channel Outdoor Holdings, Inc. “Although both businesses are powerful advertising platforms, they each have valuable but different touch points within the advertising community and pursuing separate, highly-targeted strategies will unlock their full potential as freestanding companies.”

“William Eccleshare has a long, successful track record at CCOH, and throughout his career in the advertising industry, and has played an instrumental role in driving growth across CCOH’s business, especially in digital,” said Mr. Pittman. “Scott Wells will continue his successful leadership of CCOA, fostering deep relationships with advertising partners and growing the company’s offerings in exciting areas such as programmatic. With these strong leaders and CCOH’s creative, innovative and dedicated team, the future standalone company will be very well positioned for future growth and success.”

CCOH’s current leadership and Board of Directors will remain in place until iHeartMedia exits its restructuring process, at which time the new executives and Board will assume their responsibilities.